Why Did Ferrari Chairman Luca Di Montezemolo Really Quit?

A well-known celebrity photographer once suggested that there are a handful of people in the world who seem to generate their own light source—for them, flashbulbs are simply not required.

That describes Luca Di Montezemolo, who for 23 years was the chairman of Ferrari. We know that Di Montezemolo resigned yesterday, and we know why. In fact, we know at least 100 reasons why. The problem, as it often is in matters like this, is to identify which of the 100 speculative reasons is correct.

He wants to go into politics. At 67, he’s simply tired. He doesn’t want to deal with Fiat-Chrysler’s listing on the New York Stock Exchange. He wants to spend more time with family. He wants to do more charity work. He’s going to grab the reins at Italy’s national airline, Alitalia. He’s sad that longtime friend and employee Michael Schumacher remains severely injured following his skiing accident. He wants to go live in a condo in Ferrari World in Abu Dhabi.

And, in a frequently-cited suggestion, he is leaving because Ferrari’s Formula 1 team hasn’t won a championship since 2008 and, with just two podium finishes so far this season, they won’t be winning it again this year. Being the globe revolves around Formula 1—at least the part of the globe that contains Maranello, Italy—that seems to be the most popular theory.

The Official Reason seems to be the one given in the first portion of his departure statement: “Ferrari will have an important role to play within the FCA Group in the upcoming flotation on Wall Street. This will open up a new and different phase which I feel should be spearheaded by the CEO of the Group.” That would be, of course, the sweater-clad Sergio Marchionne, who is, to no one’s surprise, replacing Di Montezemolo as Ferrari chief.

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Beyond the official statement, Di Montezemolo was reported by the Milanese newspaper Il Corriere della Sera as saying, “Ferrari is now American,” which represents “the end of an era.” The New York Stock Exchange is, by all accounts, firmly in America. For a man who has not always been politically correct, Di Montezemolo has often been outspoken about the carbuilding business, about the need to be more “green” in particular.

But he has also been frank about what he views as problems in Formula 1. About how teams should be allowed three cars, not just two. Races are too long, and often at the wrong time of day, to ensure a maximum audience. Opportunities for testing are inadequate. In an interview several years ago, when Ferrari was still reasonably competitive, he said that F1 “can’t equalize things by dragging everyone down.”

Now, Scuderia Ferrari has been dragged down. It seems almost secondary that Ferrari, the automaker, is absolutely at the top of its game, unleashing a sustained supercar assault over the past decade that has required competitors to catch up or catch hell.

But just last weekend, after another mediocre showing at the Italian Grand Prix, the die seemed cast. Ferrari driver Kimi Räikkönen struggled to a ninth-place finish. Fernando Alonso didn’t finish at all.

For Marchionne, it seemed to be the beginning of a predictable end, despite the fact that Di Montezemolo still had a three-year contract that he just signed in March. Clearly contracts don’t mean much at this stratospheric level. “The heart of Ferrari is winning in Formula 1,” Marchionne said, in response to a rather contentious, defensive press conference held to announce the departure of Di Montezemolo. “’I don’t want to see our drivers in seventh and 12th place. To see the Reds in this state, with the best drivers, exceptional facilities, engineers who are really good, to see all that and then to consider we have not won since 2008 . . . the important thing for Ferrari is not just the financial results, but also it is winning, and we have been struggling for six years.”